Ullink, the global provider of connectivity and electronic trading solutions, has announced that Jitneytrade Inc., a direct access broker specializing in active traders, is using UL BRIDGE as its connectivity and pre-trade risk gateway to the Canadian equities market.
Canadian regulation required Jitneytrade to have pre-trade risk monitoring of all direct electronic market access. When the exchange operator, TMX Group, discontinued its own service in 2017, Jitneytrade looked at several options for a replacement, including functionality in order management systems (OMSs). After careful evaluation, Jitneytrade concluded that only UL BRIDGE had the proven ability to meet its latency and speed requirements, as well as offered the flexibility to accommodate its order flow. Furthermore, UL BRIDGE had the risk management and other functionality to allow Jitneytrade to achieve a second objective of consolidating some of the 14 platforms it was offering clients at the time.
Jitneytrade opted for Ullink’s fully hosted service. The implementation included UL BRIDGE modules – UL IRIS comprehensive pre-trade risk management, UL MONITORING full life-cycle monitoring, FIX Plugins and DMA Adapters. This has given Jitneytrade effective pre-to-post-trade risk control of its clients trading activity and enabled it to continue to comply with trade monitoring regulations. The error capturing functionality has improved its service offering and, at the same time, the firm has taken advantage of UL IRIS to reduce the number of platforms it operates.
The superior performance of UL BRIDGE has also enabled Jitneytrade to win new clients. The firm is now looking at extending the asset classes on the platform and expanding the geographical coverage it can offer clients. Ullink is able to provide connectivity to US brokers via its NYFIX Marketplace international trading network. It is also able to use US stocks’ closing prices to calculate order and daily capitalization for US equity markets.
Before the new NI 23-103 regulation, we were able to see client activity post trade, but now we have Ullink’s tools for pre-trade risk, which gives us a better view and better control,” said Eric Cote, Chairman of the Board and Chief Technology Officer of Jitneytrade.
Jitneytrade now has a really good direct relationship with Ullink. The company is responsive – we haven’t had any issues that haven’t been dealt with promptly by Ullink,” commented Cote.
We are delighted to support one of the most active brokers in Canada in substantially streamlining its trading operations while achieving a greater level of control. Being chosen by Jitneytrade, re-enforces our commitment to delivering best of breed technology and connectivity to the local market,” added Lael Wakefield, Managing Director Americas for Ullink.